Form 16 very urgent- housing loan

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2012 Dear sir, Pls guide me
Employee has 2 House Property

Intt. Repay Prin.
H.P. 1 1.25 Lacs 0.15 Lacs
HP 2 0.80 Lacs 0.20 Lacs
------------------------------------------
2.05 L 0.35 L

Que 1) While issuing form 16 what amt i should considered as LOSS FROM HP., as employee has not submitted me details of Rent received from H.P. ?

In the absence of Rent Receivable/notional rent can i show Rs. 2.05 L as loss from HP.
& Rs. 0.35 Lacs as principal repayment.

Pls explain me in detail.

Thanks:

RD

CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
Follow

23 January 2012 you can take any property as self occupied and charge other. General practice is to ask employee whihc porperty has more tax incidence that property can be considered as self occupied and the other shall be charged to tax.

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2012 Thanks Vikash,

It means in form 16, we cann't consider Intt repayment of both the house as Loss from H.p., as employee has not submitted the details of Rent Recd. from 2nd house.

Pls Rply
Thanks

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

23 January 2012 Without proper written declaration from the employee, employer cannot treat house property whether SOP or LOP.

Since 2 properties, assessee has the option of selecting the SOP and LOP.

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2012 Dear Ramesh,
If employee say that out of two house one is self occupied & other is vacated through out the year however he has repaid loan for both the houses -Rs.1.40 L for H 1 (Int .20K & Pri. 1.20 L) - Rs. 1.00 L for H 2 ( Intt .80k & Pri. 0.20K) then what amount we should allow ad deduction in form 16.

Thanks in Advance

Rahul